FIs were in the final weeks of preparations for the same-day Fedwire migration to ISO 20022 scheduled for March 10, 2025. An early no-go decision announced by the Fed on February 13, 2025, validates that FIs and their vendors were not truly ready. The new go-live date, scheduled for July 14, 2025, will impact over 4,700 Fedwire participants, including those transacting cross-border payments with non-U.S. institutions and will be the single most impactful implementation for domestic and international wire processing.
This report provides an update on the industry’s readiness and the challenges inherent in this industrywide implementation. This report is based on a Datos Insights’ Q1 2025 survey of 24 North American FIs and 10 vendors.
Clients of Datos Insights’ Commercial Banking & Payments service can download this report.
This report mentions: The Federal Reserve and Swift.
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